NJ Lawmakers Pass Budget Deal Brokered With Gov. Murphy
TRENTON, N.J. (CBSNewYork/AP) — New Jersey lawmakers signed off on a $37.4 billion budget package brokered with Gov. Phil Murphy.
The Democrat-led Assembly and Senate passed the deal Sunday, about 24 hours after Murphy, Assembly Speaker Craig Coughlin and Senate President Steve Sweeney announced the agreement that raises taxes on the wealthy and some businesses.
It awaits Murphy's signature.
The Democratic governor and leaders reached the deal Saturday, hours ahead of a midnight deadline to avoid a government shutdown.
The deal finances spending increases by raising taxes on people making $5 million and above from 8.97 percent to 10.75 percent. It also raises business taxes on companies making more than $1 million by an average of 2 percent over four years.
There will be no broad sales tax increase as part of the agreement.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)